TUCSON Arizona — Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone Commercial”) acquired the property at 3382 East Global Loop in Tucson for $6,142,565 ($92 PSF) as part of a 509,211-square-foot, six building industrial portfolio with locations in San Antonio, TX; Albuquerque, NM; New Orleans, LA; Baton Rouge, LA; and Tucson, AZ.

The portfolio, acquired in a sale/leaseback transaction, is 100% leased to Iron Mountain Information Management, a global leader in the records storage industry with a 10-year lease term. The acquisition of the industrial properties is consistent with Gladstone Commercial’s growth strategy of acquiring high-quality assets in growth regions with credit-worthy tenants. The warehouses serve as regional hubs for the tenant within its core North American business segment, and each location generates a significant recurring revenue stream. The tenant plans to continue operating in these facilities for years to come.

“The acquisition of the facilities continues our strategic expansion into markets with increasing industrial demand. The investment is a great addition to our portfolio, improving the weighted average lease term and increasing the allocation of high-quality industrial properties” said Brandon Flickinger, Managing Director for Gladstone Commercial.

Bob Cutlip, President of Gladstone Commercial, agreed, “This transaction promotes our strategy of increasing our allocation to industrial buildings over the next few years and we are excited to add to the portfolio’s weighted average lease term with high quality real estate occupied by a credit-worthy tenant.”

Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. As of September 30, 2019, Gladstone Commercial’s real estate portfolio consisted of 109 properties located in 24 states, totaling approximately 13.1 million-square-feet. For additional information please visit www.gladstonecommercial.com.

TUCSON, ARIZONA — Foundation Partners Group, a leading provider of innovative funeral and cemetery experiences and products, has purchased the Adair Funeral Homes and Desert Sunset Funeral Homes in Tucson, Arizona for an aggregate amount of $4.72 million.  The acquisition includes three locations in the greater Tucson area and expands Foundation Partners Group’s rooftops in the market to six.

* Desert Sunset Funeral Home, 3081 W Orange Grove Rd, Tucson sold for $778,000.
* Adair Funeral Home, 1050 N Dodge Blvd., Tucson sold for $1.938 million
* Adair Funeral Home, 8090 N Northern Ave., Tucson sold for $2 million.

“Adair Funeral Homes and Desert Sunset Funeral Homes make great additions to our growing portfolio of funeral operations in Tucson,” stated Bob Bukala, President and CEO of Foundation Partners Group. “The Adairs have set a high standard of service for their families and their community that perfectly matches ours. We are very proud to have Martha, Ron, Hank and their team join Foundation Partners and help us grow our presence in Arizona.”

The Adair Funeral Homes were founded in 1956 by Arthur and Martha Adair.  After Arthur passed away in 1973, Martha along with her sons, Ron and Hank, continued operating the firm.  The second Adair chapel opened in January of 1975 on the northwest side of Tucson, and a few years later, Desert Sunset was added to the company. Over the last 20 years, Hank’s daughter and son, Hillary and Taylor, joined the firm to continue the Adair legacy in the funeral profession.

“When I first met Bob Bukala a while back, I saw we shared the same vision of where the funeral profession is headed,” said Martha Adair, owner of Adair Funeral Homes.  “Now, having learned even more about Foundation Partners Group, I am convinced that they are best positioned to help us continue to address the needs of Tucson’s families in the coming years.”

“Our family sensed a real comfort level with the team at Foundation Partners, especially after we talked with other friends in funeral service who had joined them,” added Ron Adair.  “Foundation Partners Group will let us not only maintain our legacy in the Tucson market but allow us to grow it as well.”

“We continue to explore partnerships with the finest independent funeral homes and cremation centers in our profession,” stated Jason Widing, Vice President of Business Development at Foundation Partners Group. “We are pleased to welcome the teams at Adair and Desert Sunset to the Foundation Partners family.”

For more information, visit the Foundation Partners Group website at www.foundationpartners.com.

TUCSON, ARIZONA – Three Tucson transactions with an aggregate value of $2.92 million and 38-units were sold recently by Joseph Bernand Investment Real Estate in off market transactions.

The Byant House Apartments at 460 S Bryant Avenue in Tucson sold to California-based, Atlas Real Estate, LLC for $1.265 million ($70,278 per unit). Located in the San Clemente neighborhood, Bryant House Apartments comprises 18-units in a two-story red brick complex with a courtyard pool. Security fenced with 6 covered parking spaces and on-site laundry room. Security doors on each unit. New paint, tubs, toilets, counters, appliances, newer carpeting and ceramic tile. The transaction was handled by Joseph Chaplick and Joie Boyle of Joseph Bernand Investment Real Estate represented both buyer and seller in the transaction.

Swan Apartments at 2015 N Swan Road in Tucson sold to an investor from North Carolina for $940,000 ($117,500 per unit). The property consists of a one-story building with eight two-bedroom / one-bath units, each 700-square-feet, and a laundry room. The transaction was handled by Joseph Chaplick and Joie Boyle of Joseph Bernand Investment Real Estate who represented both buyer and seller in the transaction.

A 12-unit apartment at 3421-3442 E Water Street in Tucson sold to a Florida-based investment group, Damco Arizona Properties for $715,000 ($59,583 per unit).  The 12-units are all two-bedroom / one-bath units, each approximately 800-square-feet with fenced yards. Joseph Chaplick and Joie Boyle of Joseph Bernand Investment Real Estate represented both buyer and seller in the transaction.

For additional imformation, Chaplick and Boyle should be reached at 866.546.9390.

To learn more, see RED Comps # 7373, #7443 and #7445.